26-July-2019
Singapore based ship operator Omegra Shipping was established in 2013 as a subsidiary of Enerfo Pte Ltd. Omegra Shipping specialized in worldwide chartering and operations within the Handysize, Supramax and Panamax markets for commodity trader Enerfo Pte Ltd. Many years ago Omegra Shipping was seeking to buy several kamsarmax bulk carriers in order to hedge against volatile charter rates. However, Omegra Shipping selected to charter-in bulk carriers, and momentarily the choice is remunerating abundantly.
Omegra Shipping and affiliated commodity trader Enerfo Pte Ltd dropped acquiring kamsarmax projects. Instead of acquiring kamsarmax bulk carriers, Omegra Shipping favored the asset-light company and maintained operating chartered-in bulk carriers. Omegra Shipping’s determination to concentrate solely on charter-in bulk carriers boosted the company revenues.
Thoroughly chartered-in bulk carriers provide flexibleness to Omegra Shipping. Omegra Shipping balance shipping market exposure and maintain optimal position throughout the shipping cycles. In a weak dry bulk market, Omegra Shipping is chartering in bulk carriers according to the demands of Enerfo Pte Ltd.
Omegra Shipping has been endeavoring for the optimum fleet size in accordance with the cargo volume. Omegra Shipping attempts to realize high bulk carrier utilization. In 2018, Omegra Shipping prognosticated that the dry bulk market would be weak during the Q1 2019. Therefore, Omegra Shipping took advantage of the weak market and progressively expanded its time-chartered bulk carriers. As of July 2019, Omegra Shipping has 25 bulk carriers under its commercial control. Panamax and kamsarmax bulk carriers are the principal segment for the business requirements. Omegra Shipping charter-in other size bulk carriers as and when necessitated.
Omegra Shipping solely charter-in modern, Japanese-built bulk carriers from financially stable tonnage providers. Omegra Shipping do not endorse charter chains. Currently, Omegra Shipping is pleased with the asset-light model. Omegra Shipping’s chartering team optimally balances the right ship with the right cargo. Omegra Shipping has reported profit for 2019. Omegra Shipping’s profit was encouraged by the optimization of trading patterns and bulk carriers. Omegra Shipping foresees that dry bulk markets will remain to be volatile in 2019.
In June 2019, dry bulk market rates went beyond market player’s expectations. Panamax bulk carrier rates improved by 65% in just three weeks in June 2019. Panamax bulk carrier freight rates were increased. Panamax bulk carrier freight rates soared to the highest level since December 2013 due to very low fleet growth, healthy South American spot grain cargoes, and scrubber fittings at shipyards.
Omegra Shipping is frequently considered as the shipping division of Singapore based commodity trader Enerfo. Nevertheless, Omegra Shipping asserts that Omegra Shipping is totally separate, stand-alone company. Indonesian business conglomerate FKS Group has been the shareholder of both Omegra Shipping and Enerfo.
Omegra Shipping essentially manages grain cargoes and more modest volumes of coal, minerals, metals, and fertilizers. Besides Enerfo, Omegra Shipping has generated a significant volume of third-party traders. In order to maintain its bulk carriers full on both front-haul and back-haul legs, third-party business is essential to Omegra Shipping’s business approach.